Information released this week in Singapore, regarding one of the principal Chinese players in the three billion dollar Singapore money laundering operation confirmed that he escaped the massive arrests by only one day, by leaving Singapore with his VANUATU Citizenship by Investment (CBI) passport to exit with impunity. The details came out in connection with testimony from one of his subordinates, who was assigned the storage of the fugitive's $7m liquor collection, after he fled to avoid criminal prosecution for the money laundering of illicit mainland China gambling profits.
While we do not wish to portray all CBI passport holders as bad actors, a large portion of the world's transnational criminals arrested around the world are found to be holding, and employing, CBI passports to facilitate their offenses. we also remember that some of the other money launderers arrested in the Singapore case held ST. KITTS AND NEVIS passports. Compliance officers should always institute enhanced due diligence procedures on any customer or client or third party or counterparty, found to be using a CBI or CIP passport for identification or account opening.
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